President-elect Donald Trump’s plan to slash business taxes and devote more than $500 billion to infrastructure improvements will likely double U.S. economic growth heading into 2018.
That’s according to a report out from the global Organisation for Economic Co-operation and Development, which predicts that the U.S. could lead the world economy to better days under Trump’s leadership.
“GDP is projected to return to a moderate growth trajectory in 2017 and strengthen in 2018, mainly due to the projected fiscal stimulus, which takes effect particularly in 2018,” the OECD said in its report.
The report predicts that the U.S. economy will grow by 2.3 percent in 2017 and 3 percent in 2018. The global economy, meanwhile, is projected to grow by about 3.6 percent in 2018.
The OECD isn’t the only group expecting a Trump administration to unleash the U.S. economy.
Saudi Arabia’s energy minister last week downplayed the need for OPEC to cut oil production in response to shrinking global demand and plummeting prices based on projections that an uptick in U.S. oil demand is in store for 2017.
“I don’t think that we have one path only in OPEC meetings,” the minister told a Saudi newspaper.
“Maintaining production is justifiable, taking into consideration the recovery of consumption and growth in developing markets and the United States,” he said.
These optimistic international forecasts for the U.S. economy are in direct disagreement with U.S. mainstream media’s repeated claims that the American economy would crash and burn if Trump were elected.